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- For 2019 and 2020, what is the ceiling for a person under the age of 70 and 1/2 to contribute to an Individual Retirement Account? a. $6,000 (or the $12,00 for spousal IRAs) or 100% of compensation. b. $1,000 annually. c. $3,000 annually. d. all of the above..A self-employed person deposits $3,000 annually in a retirement account (called a Keogh or H.R. 10 plan) that earns 8 percent. How much additional money will be in the account if the saver defers retirement until age 70 and continues the contributions?You are working at Grey Company. You purchased a house in 2020. Gray Company gave you a housing loan on May 1, 2020 for $80,000 at a rate of 2 percent interest. You pay the interest on the loan every month. The 2020 prescribed interest rates are as follows: First quarter Second quarter Third quarter Fourth quarter What is your taxable benefit on the above loan for 2020? A) Nil. B) $267.40. C) $670.68. D) $1,073.97. E) $2,147.95. F) $667.40. 5% 4% 3% 3%
- i need someone to please answer my math questions Given the following data: post -retirement contribution Annual contribution : 7500 tax bracket: 15%, Effective rate: 9% , Investment years: 25 Calculate the available retirement income (after tax) for the post-tax contribution by reducing the contribution amount by the tax you would have to pay on that amount BEFORE calculating the final annuity amount.During 2020, a person receives Social Security at age 63 and is earning $23,000/year at a part-time position, how much of their allotted $12,000 yearly Social Security payments would they receive? Assume $12,000 is the amount after deducting the early withdraw penalty.Asha's pension adjustment (PA) in 2020 was $3,500 and in 2021 the PA was $4,000. Asha's 2020 Notice of Assessment showed unused RRSP room of $8,000. How much can Asha contribute to an RRSP for the 2021 taxation year? A) $10,260 B) $14,760 C) $15,160 D) $27,830
- During 2019, Carl (a single taxpayer) has a salary of $91,500 and interest income of $11,000. Calculate the maximum contribution Carl is allowed for an educational savings account. $0 $400 $1,000 $2,000 Some other amountAn employer maintains pension trust for its employees. The following information are made: Description 2018 2019 2020 Current service costs 1,500,000 1,700,000 2,000,000 Past service costs 800,000 600,000 How much is the deductible pension contributions for the year 2020?Teddy’s earned income was $54,000 in 2021 and $57,000 in 2022. How much can he contribute to his RRSP in 2022 given the following? Carry forward contribution room: $25,000 Pension adjustment: $6,000 Annual maximum: $29,210 Select one: a. $54,210 b. $28,720 c. $29,260 d. $48,210